The Project Gutenberg EBook of High Finance, by Otto H. Kahn

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Title: High Finance

Author: Otto H. Kahn

Release Date: June 27, 2009 [EBook #29256]

Language: English

Character set encoding: ASCII

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HIGH FINANCE

OTTO H. KAHN

ADDRESS DELIVERED AT ANNUAL DINNER
AMERICAN NEWSPAPER PUBLISHERS ASSOCIATION
APRIL 27, 1916, WALDORF-ASTORIA, NEW YORK

HIGH FINANCE

I

The term "high finance" derives its origin from the French "haute
finance," which in France as elsewhere in Europe designates the most
eminently respectable, the most unqualifiedly trustworthy amongst
financial houses.

Why has that term, in becoming acclimated in this country, gradually
come to suggest a rather different meaning?

Why does there exist in the United States, alone amongst the great
nations, a widespread attitude of suspicion, indeed in many quarters, of
virtual hostility, toward the financial community and especially toward
the financial activities which focus in New York, the country's
financial capital?

There are a number of causes and for some of them finance cannot be
absolved from responsibility. But the primary underlying and continuing
cause is lack of clear appreciation of what finance means and stands for
and is needed for. And from this there has sprung a veritable host of
misconceptions, prejudices, superstitions and catch-phrases.

Never was it of more importance than in the present emergency that the
people should have a clear and correct understanding of the meaning and
significance of finance, indeed of "high finance," and that they should
approach the subject calmly and dispassionately and with untroubled
vision, for when the European war is over and the period of
reconstruction sets in, one of the most vital questions of the day will
be that of finance and financing.

The handling and adjustment of that question, although it primarily
concerns Europe, cannot fail to affect Ameri